Bank of East Asia boosts trade finance capabilities with next-generation platform from Finastra

The Bank of East Asia Limited (BEA) has extended its partnership with Finastra to enhance its end-to-end digital trade capabilities and customer services for its corporate and personal banking services. The move includes SME customers in Hong Kong, China and overseas. Integrating Finastra’s technology and support services, BEA has upgraded to the latest version of Fusion Trade Innovation to drive efficient inter-bank settlements and stay SWIFT compliant.

Mr. Daniel Lo Wai Sang, General Manager & Head of Operations Support & Services Division at BEA said, “Finastra is an essential partner in our digitalization journey, helping us to provide reliable banking services to better serve our customers. At BEA, we are committed to developing and applying new technologies to enhance the customer experience. This latest investment in upgrading our digital trade finance capabilities will allow us to increase our trade transaction volumes, design and roll out new trade solutions to the market faster and more efficiently, as well as seamlessly scale up operations to keep pace with our customers’ aspirations in the region.”

Fusion Trade Innovation is a SWIFT-compliant digital trade finance platform which enables banks to streamline and automate onboarding, data exchange and input for its customers leveraging the SWIFT inter-bank network. Its latest functionalities also support banks to significantly optimize efficiencies, enhance service propositions, and reduce operational risk. BEA can now take advantage of enhanced data access to improve products, services and pricing with greater insight into client risk, exposures and their end-to-end supply chain.

Imad Abou Haidar, Managing Director, Asia Pacific at Finastra said, “We have worked with BEA for more than a decade, and we are well placed to continue to support the bank in achieving its transformational aspirations in the region. BEA’s readiness to embrace the latest technologies in the market reflects the forward thinking approach it has adopted to stay ahead of the game and deliver best-in-class solutions for its customers in an increasingly digital age.”